Just saw Nexi's FY25 results come through and there's quite a bit to unpack here. The normalized net profit came in at 783.3 million euros, which is a decent 7.2% bump from last year—that's the kind of steady growth you'd want to see. Revenues also climbed to 3.58 billion euros, up 2.1% YoY, and EBITDA hit 1.9 billion. So on paper, the operational net profit story looks pretty solid.

But here's the thing—the reported net profit attributable to the parent company is showing a massive 3.4 billion euro loss compared to a 167 million euro profit in FY24. That's a wild swing. The shares are down 19.73% trading at 2.72 euros right now, which suggests the market isn't thrilled despite the normalized net profit improvements.

Seems like there's a disconnect between the core operational metrics and the bottom line. The normalized net profit growth is real, but whatever hit the reported numbers must've been pretty significant. Worth keeping an eye on how they explain that gap in the next call.